nd and puilding. the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed -1B The Italian Pizza Company purchased land as a factory site for $90,000. Prior to construction of the new Ihelow: Land clearing costs $ 5,000 Sale of firewood to a worker (400) Architect fees (for new building) 30,000 Title investigation of land 3,500 Property taxes on land (for the first year) 3,000 Building construction costs 400,000 1. Calculate amount capitalized to land and record the journal entry.
nd and puilding. the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed -1B The Italian Pizza Company purchased land as a factory site for $90,000. Prior to construction of the new Ihelow: Land clearing costs $ 5,000 Sale of firewood to a worker (400) Architect fees (for new building) 30,000 Title investigation of land 3,500 Property taxes on land (for the first year) 3,000 Building construction costs 400,000 1. Calculate amount capitalized to land and record the journal entry.
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 45P
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complete the following question
![puilding, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed
p-1B The Italian Pizza Company purchased land as a factory site for $90,000. Prior to construction of the new
T5-Use the following information to determine the amounts capitalized to the Land and
ding accounts,
helow:
Land clearing costs
$ 5,000
Sale of firewood to a worker
(400)
Architect fees (for new building)
30,000
Title investigation of land
3,500
Property taxes on land (for the first year)
3,000
Building construction costs
400,000
1. Calculate amount capitalized to land and record the journal entry.
2. Calculate the amount capitalized to building and record the journal entry.
Hoos
3.000
2.000
000
Made by Dr. Baaske – Do not share.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6abc4fc2-463a-447a-9e94-ac702a0ec0bc%2Fc17ee4ca-f55b-46c9-aa38-4e9715be37f4%2Fn7s4mb4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:puilding, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed
p-1B The Italian Pizza Company purchased land as a factory site for $90,000. Prior to construction of the new
T5-Use the following information to determine the amounts capitalized to the Land and
ding accounts,
helow:
Land clearing costs
$ 5,000
Sale of firewood to a worker
(400)
Architect fees (for new building)
30,000
Title investigation of land
3,500
Property taxes on land (for the first year)
3,000
Building construction costs
400,000
1. Calculate amount capitalized to land and record the journal entry.
2. Calculate the amount capitalized to building and record the journal entry.
Hoos
3.000
2.000
000
Made by Dr. Baaske – Do not share.
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